Podcasts about Lifetime Learning Credit

In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the eligibility criteria, including the income thresholds for single and married filers, and clarifies which expenses qualify for the credit. With his expertise, listeners can better understand how to take advantage of this tax-saving opportunity and potentially receive up to $2,000 in credits for qualifying educational expenses. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment. You have a child in school and you’re wondering, “Can I get any of that lifetime learning credit?” And the answer is probably, let’s see, it’s 20% of the first $10,000 up to $2,000 credit, and then you have an income limitation. It’s $75,000 up to $90,000 for a single person, so if you’re making more than $90,000, you’re not going to get any of the credit. For a married couple, $155,000 up to $185,000. Again, if you’re making more than $185,000, you’re not going to get any of the credit. And this does not include, you cannot include in that money, lifestyle, so living expenses, transportation, they’re not eligible. Need help? Call me. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.

In this 'Dr. Friday Tax Tips - One Minute Moment' episode, Dr. Friday illuminates the benefits of the Lifetime Learning Credit, a valuable tax break for education expenses. She explains that taxpayers can claim 20% of their first $10,000 spent on tuition and fees, potentially saving up to $2,000. Dr. Friday emphasizes that while living expenses and transportation are not eligible, costs like books, supplies, and even computers used for coursework can be included. For personalized tax assistance, she invites listeners to visit her website, www.drfriday.com, or call her office. Additionally, Dr. Friday hosts a live show every Saturday from 2 to 3 p.m. on 99.7 WTN, offering more expert tax advice. Transcript G'day, I'm Dr. Friday, president of Dr. Friday's Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment. The lifetime learning credit lets you claim 20% of the first 10,000 you pay towards tuition and fees for a maximum of $2,000. Like the American Opportunity Tax Credit, the lifetime credit doesn't count living expenses or transportation. Those are eliminated expenses. You can claim books, supplies needed for the course, also tuition, tutoring, computers, those all can be added back in. If you need help with your taxes you can go to my website which is www.drfriday.com, set up an appointment or call me 615-367-0819. You can catch the Dr. Friday Call and Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

August means back to school! There are lots of tax benefits for higher education. The American Opportunity Credit is a credit of up to $2,500 per year for the first four years of college. The Lifetime Learning Credit is a credit of up to $2,000 per year for years after the first four years of higher education. Child not college age yet? You can still get a tax benefit by setting aside savings to a Qualified Tuition Program, also known as a 529 plan. Contributions to eligible plans are deductible for state purposes, and withdrawals from such an account are not taxable if used for education expenses. Withdrawals from 529 plans can now also be used for qualified K-12 expenses, up to $10,000 per year. There are other tax benefits for education, including penalty-free IRA withdrawals, student loan interest deductions, and gift-tax exceptions. Speak with your CPA about the methods that are best for your situation.

Pairing Schedule 3 with the Perfect Wine: A Tax Season GuideIn this episode of the Wine and Dime podcast, host Amy Irvine discusses Schedule 3 of the 1040 tax form, which covers additional credits and payments. Schedule 3 of the 1040 tax form is like the third glass of wine - it's necessary to finish, but you're not sure if it's worth the headache tomorrow.Kidding aside, Remember, just like a good bottle of wine, the Wine and Dime Podcast gets better with time. So don't forget to rate and subscribe to our show, where we blend the flavors of wine and personal finance to help you achieve financial freedom! If you have any questions that you would like answered on the show, feel free to email us at info@rootedpg.comOr visit us at www.rootedpg.com/podcasts for full show notes and links! Here are some key points from the episode:Schedule 3 is where you might get some additional credits and payments after your taxes have been calculated.The first part of Schedule 3 is for non-refundable credits. If you don't pay enough in taxes, these credits will offset any amount of liability or tax computation that you might owe.You can also get a foreign tax credit if you paid taxes on international funds held within your brokerage account.The credit for child and dependent care expenses can provide some benefit based on your income level and the amount paid for childcare, with the maximum credit being $3,000 for one child and $6,000 for two or more qualifying children.Education credits such as the American Opportunity Credit and the Lifetime Learning Credit are available for those who have college expenses.If you are saving for retirement, you may be eligible for a retirement credit.Winery Recommendation:Pudding River Winery is a family-owned and operated vineyard located in Salem, Oregon, that has been producing award-winning wines since 2003. The winery's name is inspired by the nearby Pudding River, which flows through the beautiful Willamette Valley. The winery's mission is to create unique and high-quality wines that reflect the distinct terroir of their vineyard.Pudding River Winery's vineyard spans over 22 acres, and it is planted with several grape varietals, including Pinot Noir, Chardonnay, Pinot Gris, Riesling, and Syrah. The winery uses sustainable farming practices, such as composting and cover cropping, to ensure that their grapes are healthy and vibrant. Their wines are handcrafted in small batches, using traditional winemaking techniques and minimal intervention, to showcase the natural flavors and aromas of the grapes.The winery's tasting room is a charming and cozy space, decorated with warm wood accents and beautiful artwork. Visitors can taste a selection of the winery's current releases, including their Pinot Noir, Chardonnay, Pinot Gris, and Riesling. Pudding River Winery also offers guided tours of their vineyard and winery, where visitors can learn about their winemaking process and the history of the winery.If you are interested in trying Pudding River Winery's wines, you can purchase them directly from their website or visit their tasting room in Salem. Some of their wines are also available for purchase at local wine shops and restaurants in Oregon. Here are some additional links to explore their wine selection:Pudding River Winery's online store: https://puddingriver.orderport.net/wines/Current-ReleasesWine Enthusiast's review of Pudding River Winery's 2018 Pinot Noir:

Dr. Friday 0:00 Good day. I'm Dr. Friday, President of Dr. Friday's Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment. Dr. Friday 0:12 The modified adjusted gross income amount used for joint filers to determine the reduction in the Lifetime Learning Credit provided under 25 A is not adjusted for inflation for tax years beginning after December 31, 2020. So the Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income that exceeds $80,000 are joint filers of 160. We mean that every year those numbers are going to be the same, yet your raises may kick you outside of those situations. You can check us out on the web at drfriday.com. Announcer 0:51 You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.

Handing your W2's and 1099's to your preparer might be the extent of your participation when it comes to income taxes. Having a general understanding of how taxes work can give you a new perspective on just how much of a share is owed to Uncle Sam. Join Matt Robison and I this week as we discuss the basics of taxes. Get a crash course on: Income: Wages (W2 or other), interest income capital gains and qualified dividends  Adjusted Gross Income (AGI): Wages - above-the-line deductions What are above-the-line deductions?: Contributions from HSA, contributions to traditional IRA, student loan interest (unless your income is too high), self-Employment costs (such as health insurance, retirement plan contributions, 50% of self-employment taxes), alimony, and certain education expenses  3. Taxable Income = AGI - standard or itemized deductions Standard deduction ($12,950 Single, $25,900 Married, Filing Jointly (MFJ) Itemized Deductions: State, Local, Other Taxes Mortgage and Investment Interest Expense Charitable Giving Medical Expenses (above a limit) More…. 4. Total Tax = Taxes on Taxable Income Taxes: Income tax, capital gains tax, AMT, NIIT, Medicare Surcharge, etc 5. Payment or Refund: Total Tax - Credits - Taxes Paid Credits: Child Care Credit, Dependent Care Credit, Lifetime Learning Credit, etc Taxes Paid: From your paycheck or estimated tax payments Well, that's as simple as I can make it in just 5 steps! AGI (step 2) is very important because that number gives you your tax bracket. But did you know that we have marginal tax brackets?  If you're like a lot of people, you probably think marginal means that if you are MFJ and your AGI is $150,000, https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022 (you owe 22% in Federal Income Taxes), ($33,000) right? WRONG!  The “marginal” means that for the first $20,550, you owe 10% in taxes. [$2,055] You then owe 12% on the next $63,000 (the next tax bracket) [$7,560] Then, 22% on the next $66,450 (the bracket you are in) [$14,619] That's a total of: $2,055+$7,560+$14,619 = $24,234. Not $30,000 ! It means a difference of almost $6,000 in your favor So now you have your tax bill. Using the same example as above, you owe $24,234 in federal taxes. This is your total tax. Now come the credits (hopefully!). Credits differ from deductions in one major way, they are dollar for dollar. Deductions reduce your total tax bill by reducing your Taxable Income. Credits, on the other hand, come straight off your total tax bill. Some credits include the Child Tax Credit, Child & Dependent Care Credit, or the Lifetime Learning or American Opportunity Credit. Obviously credits are the way to go! Once you've deducted your credits, you then subtract any payments you've already made (withholdings or direct payments) and this will determine what you owe or are owed in the form of a refund.  Learn more about Mike and my services athttps://www.mortonfinancialadvice.com/ ( https://www.mortonfinancialadvice.com) and connect athttps://www.linkedin.com/in/mwsmorton/ ( https://www.linkedin.com/in/mwsmorton/) https://www.meetmikemorton.com/ (Are you ready to create your ideal lifestyle? Let's Connect.)

Today we will be doing an overview of various #TaxCredits on this #taxtiptuesday. We are reviewing the Child Tax Credit, Recovery Rebate Credit, Earned Income Tax Credit, Lifetime Learning Credit, American Opportunity Credit, Child and Dependent Care Credit, Saver's Credit, and Adoption Tax Credit. --- Support this podcast: https://anchor.fm/bettehochbergercpa/support

I've put a small, tax season gift for you on my website moneypilotadvisor.com. You can go there and download a free checklist “What Should I Consider When Reviewing My 2021 tax return”. This information also should help you prepare your return. If you take the standard deduction and made cash contributions to qualifying charities you can deduct up to $300 if you single or $600 for married filing jointly. A deduction reduces the amount of income we have to pay tax on. Be sure to have your donation receipts.If you recently married or divorced, review your filing status which is determined by your situation on December 31, 2021. If you married any time last year, you'd be considered married for the entire year. The same as true if you had a child born in 2021. You would qualify for the child tax credit for the entire year. If have dependent children under age 18 you may qualify for the child tax credit. In 2021, half this tax credit should have been paid to you directly in monthly payments beginning in July. As long as you still qualify, you're eligible to get the rest of the credit when you file your tax return. But you need to report the total amount you have already received  You can find this information in a letter the IRS sent to you, or from you online IRS account, or even reviewing you own bank records.If you paid child care expenses for a dependent child under 13 so you and your spouse (if you're married) could work or pursue work, you can also qualify for the Child and Dependent Care tax credit. If you have dependent children or your spouse in college you may qualify for the Lifetime Learning Credit or the American Opportunity Tax credit. There are quite a few rules associated with all these tax credits. So be prepared to answer questions about your family situation in detail  and bring receipts when you talk with your tax preparer or use tax preparation software to do it yourself.  Did you receive the third COVID  Economic Impact Payment (EIP3)  in spring 2021? It was  $1,400 single, $2,800 for a married couple, PLUS $1,400 per dependent child or qualifying dependent relative. There was a phase out over certain income. If you enter the wrong amount you received on your tax return, it will go through a manual review at the IRS  delay any refund for months. The IRS is supposed to mail out reminders this month or in March of the amount of EIP3. If you don't have the IRS letter, go back and look over your bank statements from spring 2021 to find it. If you find you owe more tax or get a higher refund this year than you expected consider changing your W-4 withholding through HR or military MyPay to adjust it.Watch out for 1099 forms you should receive which report your investment capital gains, dividends, interest, and other income. You may need to log into your accounts and download them yourself. The key is to make sure you've rounded them all up and have them on hand.One thing catching people off guard is reporting their income, gains and losses from trading, staking, interest, or rewards in crypto or digital assets. These are treated like other investments for taxation. It is critical to detailed records of all your transactions, even if you use a broker like Coinbase or Venmo. The 1099s they issue may have partial or inaccurate information.  If you've been an active trader, I highly recommend you use a CPA knowledgable in crypto to help you with your taxes and make sure your record keeping is up to snuff. 

This episode is also available as a blog post: https://paylesstax.com/2021/04/02/tax-tip-podcast-or-blog-post-for-real-estate-professionals-and-the-lifetime-learning-credit-2/ --- Send in a voice message: https://anchor.fm/don-fitch/message

This episode is also available as a blog post: https://paylesstax.com/2021/04/01/tax-tip-podcast-or-blog-post-for-real-estate-professionals-and-the-lifetime-learning-credit/ Please find the below text of the Podcast and/or Blog Post: Tax Tip Podcast or Blog Post for Real Estate Professionals and the Lifetime Learning Credit Section 1.25A-4 Lifetime Learning Credit and the amount of the credit: (1) Taxable years beginning before January 1, 2003. Subject to the phaseout of the education tax credit described in Section 1.25A-1(c), for taxable years beginning before 2003, the Lifetime Learning Credit amount is 20 percent of up to $5,000 of qualified tuition and related expenses paid during the taxable year for education furnished to the taxpayer (includes Realtor, Broker, and Real Estate Professional), the taxpayer's spouse, and any claimed dependent during any academic period beginning in the taxable year (or treated as beginning in the taxable year, see Section 1.25A-5(e)(2)). (2) Taxable years beginning after December 31, 2002. Subject to the phaseout of the education tax credit described in Section 1.25A-1(c), for taxable years beginning after 2002, the Lifetime Learning Credit amount is 20 percent of up to $10,000 of qualified tuition and related expenses paid during the taxable year for education furnished to the taxpayer (includes Realtor, Broker, and Real Estate Professional) , the taxpayer's spouse, and any claimed dependent during any academic period beginning in the taxable year (or treated as beginning in the taxable year, see Section 1.25A-5(e)(2)). (3) Coordination with the Hope Scholarship Credit. Expenses paid with respect to a student for whom the Hope Scholarship Credit is claimed are not eligible for the Lifetime Learning Credit. (4) Examples. The following examples illustrate the rules of this paragraph (a). In each example, assume that all the requirements to claim a Lifetime Learning Credit or a Hope Scholarship Credit, as applicable, are met. The examples are as follows: Example 1. In 1999, Joey BagaDonuts Taxpayer pays qualified tuition and related expenses of $3,000 for Sonny BagaDonuts Dependent to attend an eligible educational institution, and Joey BagaDonuts Taxpayer pays qualified tuition and related expenses of $4,000 for Charlie BagaDonuts Dependent to attend an eligible educational institution. Joey BagaDonuts Taxpayer does not claim a Hope Scholarship Credit with respect to either Joey or Charlie. Although Joey BagaDonuts Taxpayer paid $7,000 of qualified tuition and related expenses during the taxable year, Joey BagaDonuts Taxpayer may claim the Lifetime Learning Credit with respect to only $5,000 of such expenses. Therefore, the maximum Lifetime Learning Credit Joey BagaDonuts Taxpayer may claim for 1999 is $1,000 (.20 x $5,000). Example 2. In 1999, Taxpayer D pays $6,000 of qualified tuition and related expenses for dependent E, and $2,000 of qualified tuition and related expenses for dependent F, to attend eligible educational institutions. Dependent F has already completed the first two years of postsecondary education. For 1999, Taxpayer D claims the maximum $1,500 Hope Scholarship Credit with respect to dependent E. In computing the amount of the Lifetime Learning Credit, Taxpayer D may not include any of the $6,000 of qualified tuition and related expenses paid on behalf of dependent E but may include the $2,000 of qualified tuition and related expenses of dependent F. --- Send in a voice message: https://anchor.fm/don-fitch/message

In episode 316 of Financially Simple, Justin gives a concise list of 20 ways to reduce your tax bill. As 2020 comes to a close, the time to figure out your taxes draws nearer. In this episode, Justin lists 20 ways to reduce your taxes, both as an individual and as a small business owner, from tax-free accounts to having a baby! Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:48 - 20 Ways to Reduce Your 2020 Taxes 01:46 - Retirement Account Contributions 03:09 - Tax-Loss Harvesting 03:43 - Tax Bunching 05:11 - Health Insurance 05:35 - Health Savings Account 06:16 - Flexible Spending Account 06:41 - Medical Expenses 07:16 - Budget Tracking 07:57 - Income Adjustments 08:45 - Business Deductions 09:13 - 529 Plan Contribution 09:39 - Lifetime Learning Credit 09:56 - Have a Baby 10:22 - Give to Charity 11:04 - Buy a House 11:50 - Property Reassessment 12:05 - Improve Home Energy Efficiency 12:30 - Buy a Car 12:51 - Move to a Lower Income Tax State 13:37 - Donor Advised Fund 14:27 - Summary   RESOURCES: Financially Simple Educational Website Financially Simple on YouTube Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9. Subscribe to the Financially Simple Newsletter Ask Justin a Question NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit _________________   BIO: Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

College students/future college students ⚠️⚠️⚠️ Did you know you are eligible for tax deductions and credits JUST for being in college? Do you know what tax credits and tax deductions are? If not, make sure you tap in with Hassan Thomas and Remy G who explore the different tax benefits offered to college students like: The American Opportunity Tax Credit, The Lifetime Learning Credit, The Tuition and Fees Deduction, and The Student Loan Interest Tax Deduction Stay locked in for Hassan Thomas's interview with New Jersey’s own tax professional, Founder of EquityTax, Jawan Merius who shares why it’s important to be knowledgeable about taxes at ANY AGE.

Are you trying to pay for your children's education? Do you want to take some classes. UACPA member Erik Hatch of Cook Martin Poulson says you might be able to use the American Opportunity Credit or the Lifetime Learning Credit. But, you can't deduct school expenses anymore. You can follow this show on Instagram and on Facebook. And to see what Heather does when she's not talking money, go to her personal Twitter page. Be sure to email Heather your questions and request topics you'd like her to cover here.

Education tax credits can offset some of the costs for college expenses. There are two main credits – the American Opportunity Credit and the Lifetime Learning Credit.

Education tax credits can offset some of the costs for college expenses. There are two main credits – the American Opportunity Credit and the Lifetime Learning Credit.

Education tax credits can offset some of the costs for college expenses. There are two main credits – the American Opportunity Credit and the Lifetime Learning Credit.

With tax season in full swing, it can only mean one thing. It’s time for our annual chat with Ed Slott, the ultimate tax guru, and founder of IRA Help. Here is your tax season boot camp for the first tax year of the Tax Cuts and Jobs Act (TCJA). Itemized vs. Standard Deduction: Every taxpayer needs to determine whether it makes sense to claim one of these two deductions, both of which reduce the amount of income subject to tax. TCJA nearly doubled the Standard Deduction to $12,000 for Single and Married Filing Separately, $24,000 for Married Filing Jointly and $18,000 for Head of Household. A couple of caveats on itemized deductions: Your total deduction for state and local income, sales and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if Married Filing Separate). Any state and local taxes you paid above this amount cannot be deducted. The deduction for home mortgage and home equity interest was modified. It is now limited to interest you paid on a loan secured by your main home or second home that you used to buy, build, or substantially improve your main home or second home. So if you used a home equity loan or line of credit to pay off another debt, like a credit card or student loan, it would not be deductible. There is a new dollar limit on total qualified residence loan balances. If your loan was originated or treated as originating on or before Dec. 15, 2017, you may deduct interest on up to $1,000,000 ($500,000 if you are married filing separately) in qualifying debt. If your loan originated after that date, you may only deduct interest on up to $750,000 ($375,000 if you are married filing separately) in qualifying debt. Deduction for alimony is eliminated for agreements executed after December 31, 2018, or for any divorce or separation agreement executed on or before December 31, 2018, and modified after that date. In conjunction with this change, alimony and separate maintenance payments are no longer included in income based on these dates. Claim Credits: Now that personal exemptions have been eliminated, credits are even more important. The Child Tax Credit has increased to a maximum of $2,000 per qualifying child under the age of 17. Up to $1,400 of the credit can be refundable for each qualifying child as the additional child tax credit. In addition, the income threshold at which the child tax credit begins to phase out increased to $200,000, or $400,000 if married filing jointly. There are two different education credits available: the American Opportunity Tax Credit (formerly Hope Credit), which is partially refundable, and the Lifetime Learning Credit. Both may apply to expenses you pay for yourself, your spouse and any dependents.Have a money question? Have a money question? Email me here.

American Opportunity Credit and Lifetime Learning Credit are huge tax credits you can claim this year to increase your tax refund! We'll discuss who can claim these credits and how much money you can get back by doing so. Done going to school but still paying off student loans? That student loan interest is also deductible on your taxes! Stay tuned to find out how much can be written off. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

https://turbotax.intuit.com Tax Tips for Teachers - If you’re an educator, you may qualify for a number of tax breaks for teachers that could help you save money on your taxes this year. Find out all about tax deductions for eligible educator expenses (like books and conference costs), the Lifetime Learning Credit for teachers returning to school to improve their skills, the Student Loan Interest Deduction, tax deductible school donations and more tax filing tips for teachers in this TurboTax tax tip video.

Guide to IRS Form 1098-T Tuition Statement - If you or one of your dependents enrolled in school during the tax year, then you'll probably want to keep an eye out for a 1098-T form, which reports the amount of qualified education expenses paid by a student during the year. Learn more about IRS form 1098-T in this TurboTax tax tip video.

 January 23 marks the first day of individual tax filing season. This is a great time to talk about the two educational tax credits; The American Opportunity Tax Credit (previously known as the HOPE tax credit) and the Lifetime Learning Credit. These two have very different eligibility requirements, and familiarizing yourself with the credits will be beneficial during tax season.

https://turbotax.intuit.com Top College Tax Deductions and Credits – College can be costly when you’re paying for tuition, books, and living expenses. However, there are several great ways college students can save money on taxes. This TurboTax tax tip video offers helpful information about six top college income tax deductions and credits, such as the Student-Loan Tax Deduction, the American Opportunity Tax Credit, the Lifetime Learning Credit and additional education savings accounts, plans and bonds, to help save you money on your taxes. For more tips and information that can help you get your taxes done smarter, visit TurboTax.com.

Explain the "American" opportunity credit and the "Lifetime" learning credit.

Explain the "American" opportunity credit and the "Lifetime" learning credit.

Explain the "American" opportunity credit and the "Lifetime" learning credit.

Discover how the American Opportunity Tax Credit (formerly called Hope Scholarship Credit) and the Lifetime Learning Credit can lower your taxes. See how different types of student loans can fund your child’s college education regardless of how much you earn. (Originally broadcast 5/4/2010)

Discover how the American Opportunity Tax Credit (formerly called Hope Scholarship Credit) and the Lifetime Learning Credit can lower your taxes. See how different types of student loans can fund your child’s college education regardless of how much you earn. (Originally broadcast 5/4/2010)